Many consumers monitor their spending habits with merchants using financial applications. The financial applications may store records of financial transactions with the merchants. A consumer may use a financial application to filter and review the financial transactions to make decisions about the consumer's budget. For example, the consumer may use the financial application to analyze the consumer's spending habits in view of his income.
Typically, a consumer categorizes the financial transactions stored in the financial application to allow the consumer to perform analysis based on the categorization of financial transactions. In this case, categorized financial transactions may be used to generate reports with summarized financial data based on the categories, allowing the consumer to allocate funds to particular categories.
In some cases, financial applications attempt to automatically categorize financial transactions based on the name of the merchants. If a category is incorrectly assigned to a merchant, a consumer may recategorize the financial transaction manually. Further, the financial application may remember the consumer's recategorization and apply the same recategorization for future financial transactions of the consumer with the same merchant.